Union Bank of Nigeria has reinforced its commitment to fostering youth entrepreneurship and bolstering the “Made in Naija” initiative by sponsoring the RISE Business Challenge at the University of Lagos. The competition, a key component of the sixth Annual Youth Leadership Conference, aptly themed “Turning Point 6.0,” provided a platform for young entrepreneurs to showcase their innovative business ideas and compete for substantial financial rewards and invaluable mentorship opportunities. This collaboration between Union Bank and conference convener, Mr. Olusegun Odufuwa, underscores a shared vision of empowering the next generation of Nigerian business leaders and driving sustainable economic growth through youth-led enterprises. The RISE Challenge specifically targeted young men and women demonstrating entrepreneurial acumen, aligning perfectly with the bank’s strategic objective of promoting locally-sourced products and services while nurturing a vibrant ecosystem of innovation and economic empowerment.
The RISE Business Challenge unfolded through a rigorous selection process, beginning with the submission of detailed business proposals. These proposals were meticulously reviewed by a panel of seasoned judges and business experts, who evaluated each submission based on predefined criteria. The assessment focused on identifying business ideas that exhibited not only strong commercial viability and sustainability but also demonstrable potential for positive social impact. This comprehensive evaluation process culminated in the selection of four finalists, each of whom had the opportunity to present their refined business pitches directly to the judging panel. The final judging round involved a dynamic exchange between the finalists and the judges, with a focus on assessing the innovation, social impact, sustainability, and financial viability of each presented venture.
The competition concluded with the awarding of significant cash prizes to the top three finalists. The first-place winner received a substantial N1,000,000, providing a crucial injection of capital to propel their business forward. The second and third-place winners were awarded N750,000 and N250,000, respectively, offering substantial financial support to further develop and scale their promising ventures. This tiered prize structure not only recognized the exceptional talent and potential of the young entrepreneurs but also provided them with the necessary resources to translate their innovative ideas into tangible business realities.
Ayokunumi Abraham, Head of SMEs at Union Bank of Nigeria, articulated the bank’s unwavering commitment to supporting “Made in Naija” initiatives and youth-led businesses. He emphasized the bank’s belief in the transformative power of these enterprises, not only for individual business growth but also for the broader economic landscape. He highlighted the potential of these ventures to create a ripple effect of positive change, driving job creation, fostering innovation, and expanding economic opportunities across the country. This commitment reflects Union Bank’s strategic focus on investing in the future of Nigeria by empowering its young entrepreneurs and fostering a dynamic and inclusive business environment.
The RISE conference itself served as a dynamic hub for young leaders and aspiring entrepreneurs. The event provided a platform for attendees to gain valuable insights and knowledge, equipping them with the resilience, innovation, and social responsibility necessary to navigate the complexities of the modern business world. This year’s conference attracted a diverse audience of young professionals, established entrepreneurs, business executives, policymakers, and thought leaders, fostering a rich environment for networking, collaboration, and the exchange of ideas. The conference theme, “Turning Point 6.0,” underscored the transformative potential of the event to inspire and empower the next generation of leaders.
In essence, Union Bank’s sponsorship of the RISE Business Challenge exemplifies a strategic investment in the future of Nigeria. By empowering young entrepreneurs and supporting the “Made in Naija” initiative, the bank is not only contributing to the growth of individual businesses but also fostering a vibrant and sustainable economic ecosystem. The RISE conference, with its focus on resilience, innovation, and social responsibility, provides a crucial platform for developing the next generation of leaders and driving positive change across Nigeria. This holistic approach to youth empowerment and economic development underscores Union Bank’s commitment to building a brighter future for Nigeria, driven by the ingenuity and entrepreneurial spirit of its young people.
